- Bitcoin breaks out of a bearish weekend
- Bitcoin returns to the $9k range
- Bitcoin has returned 6 times more than stocks to investors so far this year
Bitcoin News Today – The past weekend was not really favorable to the digital currency market. The world’s largest digital currency by market cap, Bitcoin (BTC), plunged and broke below the $9k level. All through the weekend, the digital currency struggled but was not able to break over that level. However, as the new starts, bullish sentiments seem to have returned. Positive sentiment has returned to the crypto market as Bitcoin (BTC) just broke over the $9k level.
Is the Bearish Sentiment Over?
After the dump to $8,700 on Friday, Bitcoin spent most of the weekend hovering around the $8,800 mark. The hurdle on the upside was pretty strong and many analysts were predicting further declines to the $8,500 or below. Fortunately, things turned bullish in the late trading on Sunday, as Bitcoin reclaimed its position over the $9,000 level. The digital currency tested a high of $9,150 on the 200 hour MA before it pulled back to $9,050.
Bitcoin (BTC) Price Today – BTC / USD
The three percent increase has kept the digital currency within its range-bound channel again, as analysts point out the formation of a new triangle. There might be a couple more days of consolidation before the top of this triangle, which is more likely to introduce a larger move.
The Cryptomist – a digital currency analyst and trader – has pointed out a falling wedge but he is bearish in the longer term with a Bitcoin price prediction of $7,000.
Bitcoin (BTC) Has Returned 6x More than Stocks to Investors this year
Proponents of the digital currency industry are still bullish. Even with the short-term bearish sentiments, Bitcoin is set to post higher gains in the future. Anthony Pompliano – the co-founder of Morgan Creek Digital – was quick to point out the returns of Bitcoin so far this year.
He said that the price of Bitcoin (BTC) has increased by 145 percent from the beginning of this year until now. Whereas, the S&P 500 has only yielded a year-to-date return of 23 percent. Bitcoin (BTC) has returned 6 times more than stocks to investors so far this year.
The Crypto Markets Surge by $10 Billion
Alternative coins are gradually gaining strength, as they are beginning to post more gains. Since late Friday, about $10 billion has re-entered the digital currency markets, as the valuation of the entire market hit $247 billion. Ethereum is gradually heading to the $200 resistance level, with an increase of about three percent over the past twenty-four hours.